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‘Fatcat Wednesday’ for FTSE 100 CEOs

UK bosses have already made more money in 2014 than the average worker will earn in the whole year

Britain’s top bosses have already made more money in 2014 than the average UK worker earns in an entire year, according to calculations by the High Pay Centre think-tank.

The calculations show that earnings for company executives returning to work this Monday will pass the UK average salary of £26,500 by mid-morning on ‘fatcat Wednesday.’ 

FTSE 100 Chief Executives are paid an average £4.3 million, equivalent to hourly pay of well over £1,000. Executive pay has increased by 74% over the past decade, while wages for ordinary workers have remained flat.

High Pay Centre Director Deborah Hargreaves said: ‘Fatcat Wednesday’ highlights how insensitive big company executives have become. When top bosses take home more in two and a half days than the average worker earns in a year, there is clearly something wrong with the way pay is set for both bosses and workers.’

Notes to editors:

Contact:

Luke Hildyard - Head of Research, High Pay Centre

Posted on 7 January 2014

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